Treasury Department appoints seasoned finance professional to take up role in overseeing financial crime risk management
TD Bank Announces New Leadership in Financial Crime Risk Management
TD Bank has appointed Andrew Jensen as the head of financial crime risk management in Canada, effective July 14. Jensen, who previously held the position of global head of sanctions at TD, will replace Stephen Joyce, who was serving in the role on an interim basis.
Jensen's extensive background in financial crime risk management, with a focus on anti-money laundering (AML) and sanctions, makes him well-suited for this role. He has seven years of experience at the U.S. Department of Treasury, where he was involved in policy-making and enforcement related to financial crimes. Jensen has also held significant roles at major banks including Citi and Scotiabank, contributing to global sanctions initiatives.
TD's appointment of Jensen is part of its efforts to strengthen its compliance framework following regulatory penalties related to AML deficiencies. The bank has been focusing on hiring those with regulatory experience due to last year's historic AML settlement, and has rebuilt its AML team in the U.S. TD CEO Raymond Chun stated that talent at the most senior levels in AML is one of the top priorities for the organization.
In addition to the leadership change, TD has also announced a restructuring and a portfolio wind down. The bank plans to wind down a $3 billion portfolio tied to its U.S. point-of-sale financing business, as part of its broader efforts to streamline operations. The changes do not indicate any impact on TD's operations outside of the U.S. point-of-sale financing business.
TD has not yet announced any new hires or promotions in response to the changes, nor has it specified the timeline for the portfolio wind down. The bank did not immediately respond to a request for comment regarding the changes.
The appointment of Jensen and the restructuring come as TD aims to apply lessons from its U.S. AML experience to make improvements to its enterprise AML program globally. The AML debacle provided crucial lessons for TD, including the significance of experienced staff. TD's restructuring is expected to result in cost savings for the bank.
Sources: [1] TD Bank announces new head of financial crime risk management in Canada, Financial Post, July 13, 2025. [2] TD Bank to cut 2% of workforce as part of broader restructuring, The Globe and Mail, July 13, 2025. [3] TD Bank to wind down $3 billion portfolio tied to U.S. point-of-sale financing business, BNN Bloomberg, July 13, 2025.
Jensen's extensive background in financial crime risk management, which includes previous roles at TD as well as major banks like Citi and Scotiabank, indicates his expertise in the banking-and-insurance industry and business. TD's decision to strengthen its compliance framework following regulatory penalties is a strategic move within the finance sector, demonstrating the importance of addressing AML deficiencies in the industry.
